Rs.500 and Rs.1000 notes are no more valid
Posted on: 08/Nov/2016 9:36:33 PM
This news comes shockingly from the Prime Minister, Narendra Modi. As a move to mark an end to black money, taking a major step, the PM has made an announcement that the Rs 500 and 1000 notes will not be valid from midnight. Making these notes invalid, this will be a notable assault on black money, corruption and bogus rupee notes.
Starting from 10th November until 30th December, these Rs 500 and Rs 1000 notes can be deposited in banks and post offices.
According to what Modi said, the Rs 500 and Rs 1000 notes are going to be worthless piece of paper. It is also to be noted that Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 notes will be valid as always. Furthermore, Modi also announced that very soon Rs 500 and Rs 2000 new notes will get introduced.
Furthermore, ATMs will be non-functional on 9th and 10th November. Tomorrow, banks and post offices will not be functional too. There will be no change or modifications with cheque, DD, debit or credit card transactions.
However, at the same time, until 11th November, old Rs 500 and 1000 notes can be used at airport, railway station, government hospitals, and petrol bunks. The deadline for getting the old Rs 500 and 1000 notes exchanged at post offices and banks and get new Rs 500 or 2000 notes is 30th December 2016, and the necessary facilities for the same are made.
While getting the old notes exchanged, one has to provide identity proof at the bank or post office. The government is set to bring into practice the newly printed Rs 500 and Rs 2000 notes. This will have better safety and security features.
